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Strategic entrepreneurship within family-controlled firms: Opportunities and challenges

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  • Webb, Justin W.
  • Ketchen Jr., David J.
  • Ireland, R. Duane
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    Abstract

    A firm engages in strategic entrepreneurship when it simultaneously pursues exploration for future business domains and exploitation of current domains. Superior performance often results from successful strategic entrepreneurship. A growing body of literature addresses the opportunities and challenges created when a firm attempts to stand out in both exploration and exploitation. To date, however, this literature has focused on strategic entrepreneurship without distinguishing the role of family involvement. We seek to address this gap by theorizing that family involvement, shaped by four key dimensions of identity, justice, nepotism, and conflict, creates differences in the nature of strategic entrepreneurship between family-controlled and non-family firms. Based on these four dimensions, we develop a set of propositions describing potential positive and negative implications for strategic entrepreneurship in family-controlled firms.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Family Business Strategy.

    Volume (Year): 1 (2010)
    Issue (Month): 2 (June)
    Pages: 67-77

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    Handle: RePEc:eee:fambus:v:1:y:2010:i:2:p:67-77

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    Related research

    Keywords: Strategic entrepreneurship Family-controlled firms Exploration Exploitation Familiness;

    References

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    1. Ronald C. Anderson & David M. Reeb, 2003. "Founding-Family Ownership and Firm Performance: Evidence from the S&P 500," Journal of Finance, American Finance Association, vol. 58(3), pages 1301-1327, 06.
    2. Habbershon, Timothy G. & Williams, Mary & MacMillan, Ian C., 2003. "A unified systems perspective of family firm performance," Journal of Business Venturing, Elsevier, vol. 18(4), pages 451-465, July.
    3. Andrei Shleifer & Fausto Panunzi & Mike Burkart, 2002. "Family Firms," FMG Discussion Papers dp406, Financial Markets Group.
      • Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2003. "Family Firms," Journal of Finance, American Finance Association, vol. 58(5), pages 2167-2202, October.
    4. Eddleston, Kimberly A. & Kellermanns, Franz W., 2007. "Destructive and productive family relationships: A stewardship theory perspective," Journal of Business Venturing, Elsevier, vol. 22(4), pages 545-565, July.
    5. Ann C. Mooney & Patricia J. Holahan & Allen C. Amason, 2007. "Don't Take It Personally: Exploring Cognitive Conflict as a Mediator of Affective Conflict," Journal of Management Studies, Wiley Blackwell, vol. 44(5), pages 733-758, 07.
    6. Villalonga, Belen & Amit, Raphael, 2006. "How do family ownership, control and management affect firm value?," Journal of Financial Economics, Elsevier, vol. 80(2), pages 385-417, May.
    7. Astrachan, Joseph H., 2010. "Strategy in family business: Toward a multidimensional research agenda," Journal of Family Business Strategy, Elsevier, vol. 1(1), pages 6-14, March.
    8. Michael H. Lubatkin & Yan Ling & William S. Schulze, 2007. "An Organizational Justice-Based View of Self-Control and Agency Costs in Family Firms," Journal of Management Studies, Wiley Blackwell, vol. 44(6), pages 955-971, 09.
    9. Shu-hui Lin & Shing-yang Hu, 2007. "A Family Member or Professional Management? The Choice of a CEO and Its Impact on Performance," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(6), pages 1348-1362, November.
    10. Toru Yoshikawa & Abdul A. Rasheed, 2010. "Family Control and Ownership Monitoring in Family-Controlled Firms in Japan," Journal of Management Studies, Wiley Blackwell, vol. 47(2), pages 274-295, 03.
    11. Duane Ireland, R. & Webb, Justin W., 2007. "Strategic entrepreneurship: Creating competitive advantage through streams of innovation," Business Horizons, Elsevier, vol. 50(1), pages 49-59.
    12. Williams, J.R., 1992. "How Sustainable is your Competitive Advantage?," GSIA Working Papers 1992-03, Carnegie Mellon University, Tepper School of Business.
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    Cited by:
    1. Weismeier-Sammer, Daniela, 2011. "Entrepreneurial behavior in family firms: A replication study," Journal of Family Business Strategy, Elsevier, vol. 2(3), pages 128-138.
    2. Discua Cruz, Allan & Hamilton, Eleanor & Jack, Sarah L., 2012. "Understanding entrepreneurial cultures in family businesses: A study of family entrepreneurial teams in Honduras," Journal of Family Business Strategy, Elsevier, vol. 3(3), pages 147-161.
    3. Wennberg, Karl & Wiklund, Johan & Hellerstedt, Karin & Nordqvist, Mattias, 2011. "Implications of Intra-Family and External Ownership Transfer Of Family Firms: Short Term and Long Term Performance," Ratio Working Papers 172, The Ratio Institute.
    4. Comi, Alice & Eppler, Martin J., 2014. "Diagnosing capabilities in family firms: An overview of visual research methods and suggestions for future applications," Journal of Family Business Strategy, Elsevier, vol. 5(1), pages 41-51.
    5. Collin, Sven-Olof Yrjö & Ahlberg, Jenny, 2012. "Blood in the boardroom: Family relationships influencing the functions of the board," Journal of Family Business Strategy, Elsevier, vol. 3(4), pages 207-219.
    6. Grundström, Christina & Öberg, Christina & Öhrwall Rönnbäck, Anna, 2012. "Family-owned manufacturing SMEs and innovativeness: A comparison between within-family successions and external takeovers," Journal of Family Business Strategy, Elsevier, vol. 3(3), pages 162-173.
    7. Goel, Sanjay & Mazzola, Pietro & Phan, Phillip H. & Pieper, Torsten M. & Zachary, Ramona K., 2012. "Strategy, ownership, governance, and socio-psychological perspectives on family businesses from around the world," Journal of Family Business Strategy, Elsevier, vol. 3(2), pages 54-65.
    8. Casillas, José C. & Moreno, Ana M. & Barbero, José L., 2011. "Entrepreneurial orientation of family firms: Family and environmental dimensions," Journal of Family Business Strategy, Elsevier, vol. 2(2), pages 90-100, June.
    9. Wright, Mike & Kellermanns, Franz W., 2011. "Family firms: A research agenda and publication guide," Journal of Family Business Strategy, Elsevier, vol. 2(4), pages 187-198.

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